Plaintree Systems Inc Releases Q3-2012 Results

Dépèche transmise le 28 février 2012 par Business Wire

OTTAWA--(BUSINESS WIRE)--Plaintree Systems Inc. (Plaintree, traded on CNSX under the symbol NPT).

Q3-2012 Results

Plaintree announced today that it has released its unaudited interim condensed consolidated financial statements and related management discussion and analysis for the nine months ended December 31, 2011.

During the third quarter of fiscal 2012, Plaintree realized revenues of $2,374,062 and a net loss of $714,840.

For the first three quarters of fiscal 2012, sales totaled $10,085,245 compared to $8,599,372 for the same period in fiscal 2011 and a net loss of $185,600, compared to a net income of $666,161 for first nine months of fiscal 2011. The results for the nine month period ended December 31 2011 includes a full nine months of operational expenses relating to the launching of Arnprior Fire Trucks Corp., moving and renovation expenses associated with the Company moving into a new 135,500 sq/ft building in Arnprior and the carrying costs of the two, now vacant and available for sale, manufacturing buildings owned by the Company. The nine month period ended December 31 2010 included only several weeks of the above described expenses.

As a result of the Company completing its move into the new 135,500 sq/ft building in Arnprior, Ontario, the two Company owned buildings previously used by the Company for manufacturing have now been put up for sale.

Basic (loss) earnings per share after deduction for accrued dividends on the Preferred Shares was $(0.10) and $(0.03) for the respective first nine months of fiscals 2012 and 2011.

On February 6, 2012, Plaintree announced the purchase of all the assets and business of Summit Tool Corporation in Pocono Summit, Pennsylvania. This new company specializes in high end machining of super-alloys for the aircraft and helicopter markets. Operations will continue in its present location under the name of Summit Aerospace USA Inc as a wholly-owned subsidiary of Plaintree Systems Inc.

The Company adopted International Financial Standards (“IFRS”) effective April 1, 2011.

For more information on these results, please refer to Plaintree’s annual 2011 financial statements together with the related Management’s Discussion and Analysis report, copies of which can be obtained from the Company’s website at www.plaintree.com and/or under Plaintree’s name at www.sedar.com.

About Plaintree Systems

Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.

The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings, the newly formed Arnprior Fire Trucks Corp., a manufacturer of high end fire and emergency vehicles and the newly acquired Summit Tool business.

The Electronics Division includes the legacy Hypernetics and Plaintree free space optics (FSO) businesses.

Plaintree’s FSO systems transmit data at high speeds using beams of light instead of traditional radio frequency which can suffer from congestion. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators.

Plaintree’s shares are traded under the symbol “NPT”. Shareholders and Investors can access Company information on CNSX’s website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CNSX and SEDAR filings, visit the CNSX website at www.cnq.ca or the Company’s website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CNSX (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company’s products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company’s business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2011 and related management discussion and analysis.

Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Business Wire

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